Corn futures are trading lower at midsession. The market is being pressured by profit-taking following the rally to 4-month highs. Prospects for a record corn crop are also weighing on futures. Acreage is expected to increase this year and unseasonably warm weather will help some farmers with early planting progress. May is 5 cents lower at $6.68 and December is 2 cents lower at $5.72 1/4.
Soybean futures are mixed at midday. Profit-taking is weighing on old-crop contracts following the rally to a six-month high. Losses are being limited by news that Argentina’s grain truckers are striking indefinitely to demand higher pay. There are often strikes at this time of year as soybean harvest is getting underway. New-crop has turned slightly higher on ideas that strong corn planting progress this year could limit soybean acreage. May is 4 3/4 cents lower at $13.69 1/4 while November is 1 cent higher at $13.29 1/4.
Wheat futures are trading lower at midsession. Spillover selling from corn and wheat are weighing on the wheat markets. Warm weather has helped the winter wheat crop growth and has benefitted early spring wheat planting prospects. Forecast out a week to ten days call for not threatening temperatures and some crop friendly rainfall in the Plains and Midwest. CBOT May is 13 cents lower at $6.59, KCBT May is 7 3/4 cents lower at $6.97 3/4 and MGE May is 5 1/4 cents higher at $8.17 1/2.
Cattle futures are trading lower at midsession. The market is drifting lower as future’s traders try to get a better feel for the cash market. There is concern that some packers will slow slaughter due to poor processing margins. Boxed beef prices have been declining. However, losses are being limited by optimism that demand will soon improve seasonally. April is 23 cents lower at $125.08 and June was 65 cents lower at $122.05.
Lean hog futures are mixed at midday. The nearby April contract is higher due to its discount to the CME lean hog index. But deferred contracts begin pressured by poor packer margins and the lack of seasonal improvement in pork prices in recent weeks. Processing margins are negative so until cutouts can improve, cash hog prices will struggle to move higher. April is 13 cents higher at $86.00 while June is 35 cents lower at $93.25.